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6.2% Growth Predicted for PH Economy

PH Growth Forecast Lower than Gov't Predictions

According to a report done by the Institute of Chartered Accountants in England and Wales (ICAEW), the Philippine economy is predicted to grow this year, albeit still short from reaching the government’s 7-8 percent growth target.

ICAEW anticipates the country’s growth to clock in at 6.2 percent this year, marginally higher than the 6.1 percent it posted in 2014.

The institution said the country still faces several challenges that are seen to stunt its growth. These include infrastructure problems and major power outages. A possible solution seen by the ICAEW is stronger public financing to support infrastructure projects.

Last year, the economy posted a growth of 6.1 percent, much slower than 2013’s 7.2 percent. The growth figure also didn’t reach the government’s 6.5-to 7.5-percent goal. However, it was the second fastest in Asia.

The Aquino administration already rolled out nine projects worth about P135 billion to reinforce public-private partnership programs back in 2010.

Last year, it was announced that another P625 billion worth of projects are being set to further support the country’s infrastructure and domestic economic growth.